Chart from @SpeculatorPL1 $BPGDM just printed 3.70. That means 96.3% of gold miners are on sell signals. Nearly every name in the sector running for the exit… while gold is still up 58% year-over-year and central banks are buying at the fastest pace in fifty years. For context: the last time this index hit single digits was the 2022 washout. Gold was at $1,600. The bull market was "over." Twelve months later it was making new all-time highs. This reading doesn't happen because the fundamentals changed. It happens because margin clerks don't read macro theses — they read collateral shortfalls. The same deleveraging cascade draining paper gold is eviscerating miner equity. Funds aren't selling because they think gold is done. They're selling because the oil war blew a hole in their portfolio and the margin call doesn't negotiate. A BPI at 3.70 means the building is empty. The sellers have left. There is nobody remaining to push this lower without a fundamental thesis that doesn't exist. The loaded gun from Post 7 fired. The BPGDM at 3.70 is the last shell casing hitting the floor. The recoil is next.
